South Carolina Statutes
§ 34-9-120 — Prerequisite of retirement of capital notes and debentures.
South Carolina·Title 34 BANKING, FINANCIAL INSTITUTIONS AND MONEY·Ch. 9 BANK CAPITAL AND CAPITAL STOCK
Before any such capital notes or debentures are retired or paid by the bank any existing deficiency of its capital, disregarding the notes or debentures to be retired, must be paid in cash, to the end that the sound capital assets shall at least equal the capital stock of the bank.
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South Carolina § 34-9-120 (Prerequisite of retirement of capital notes and debentures.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 8-153; 1952 Code SECTION 8-153; 1942 Code SECTION 7836; 1935 (39) 464.
Nearby Sections
12
§ 34-9-100
Issuance of capital notes or debentures.§ 34-9-130
Reserve requirements of state banks.§ 34-9-40
Minimum capital requirements.§ 34-9-70
Repealed.§ 34-9-80
Repealed.